Arkade Developers Acquires 4-Acre Land in Goregaon West for Rs. 165 Crore, Plans ?2,000 Crore Project

Arkade Developers Acquires 4-Acre Land in Goregaon West for Rs. 165 Crore, Plans ?2,000 Crore Project

Arkade Developers Acquires 4-Acre Land in Goregaon West for Rs. 165 Crore, Plans ?2,000 Crore Project

This acquisition by Arkade Developers marks a significant expansion in Mumbai’s western suburbs, particularly in Goregaon West. The acquisition of this four-acre land parcel for Rs. 165 crore, with a stamp duty of Rs. 9.9 crore, sets the stage for a major residential or mixed-use development. Given its prime location and the previous lease to Filmistan, this project has the potential to become a landmark development, as highlighted by Amit Jain, the company's chairman and managing director.

With an estimated saleable area exceeding five lakh sq ft and a projected revenue of Rs. 2,000 crore, this venture reinforces Arkade Developers' commitment to strengthening its presence in Western Mumbai. Additionally, the company’s ongoing redevelopment projects in Andheri East, Malad West, and Borivali West further expand its footprint, covering approximately five acres and generating a cumulative turnover of Rs. 2,150 crore.

These strategic acquisitions align with the company's robust sales performance. In the nine months ending December 31, 2024, Arkade Developers recorded sales bookings of 179,000 sq ft, amounting to Rs. 556 crore, reflecting a 24% year-on-year growth. The Q3 FY25 figures were particularly impressive, with a 93% year-on-year increase in sales bookings, totaling Rs. 220 crore. Collections stood at Rs. 478 crore for the nine-month period and Rs. 178 crore for Q3 FY25.

With the delivery of 500 flats and four Occupation Certificates (OCs) secured in the current financial year, Arkade Developers is positioning itself as a key player in Mumbai's real estate sector. The upcoming Goregaon West project, alongside its redevelopment initiatives, underlines the company's strategic vision and potential for sustained growth in Mumbai’s competitive property market.

About the author
Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.

Summary

Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like www.mumbaipropertyexchange.com, www.realestatemumbai.com, www.propi.in which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.

Experience

  • Residential Leasing
  • Commercial Leasing
  • Residential Home Buying
  • Commercial Property Buying
  • Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

  1. Drafting of the Leave and License Agreements
  2. MOU for Buying/Selling Properties
  3. Drafting Agreement for Sale
  4. Gift Deeds
  5. Computing of Capital Gains with current ready reckoner values
  6. Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on ssadh@mumbaipropertyexchange.com

LinkedIn - https://www.linkedin.com/in/sandeepsadhmpe/